A great deal of recent media coverage regarding the U.S. housing market has focused on the challenges faced by first-time buyers who are unable to purchase affordable residences. Often overlooked in this coverage are the challenges that many home sellers endure in trying to find a buyer.
Last month, a data report from the real estate brokerage Redfin determined there were 44 percent more sellers in today’s housing market than buyers. This is up from 30 percent over a year ago. Many sellers substantially cut their asking prices to obtain a sale. Redfin found the typical homebuyer who purchased a home for below the list price last year got a 7.9 percent discount, the largest price cut since 2012.
